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Index-based insurance, also known as index-linked insurance, weather-index insurance or, simply, index insurance, is primarily used in agriculture. Because of the high cost of assessing losses, traditional insurance based on paying indemnities for actual losses incurred is usually not viable, particularly for smallholders in developing countries .
Based on farmer's revenues, crop-revenue insurance [4] [5] is based on deviation from the mean revenue. RMA uses the futures prices on harvest-times listed in the commodity exchange markets, to determine the prices. Combining the future price with farmer's average production gives the estimated revenue of the farmer.
The following are fundamental terms that are commonly used in rate making. A rate "is the price per unit of insurance for each exposure unit, which is the unit of measurement used in insurance pricing". The exposure unit is used to establish insurance premiums by examining parallel groups. [1]
While there's no magical date circled on the calendar for finding the best rates, industry experts recommend starting your ... Look for insurers with strong financial ratings from agencies like A ...
With average car insurance rates soaring, it's an ideal time to shop around for a new auto policy. Our step-by-step guide simplifies the process — with money-saving tips on getting the best deal ...
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
💡 Expert tip: While insurance agents can be helpful, they often work with a limited number of companies — which means you may not get the best rate quotes from one source. Taking 30 minutes ...
Landlords' insurance is often referred to as buy-to-let insurance, however buy-to-let insurance is a type of landlords' insurance. It is important to distinguish between buy-to-let insurance which generally covers one property that has been purchased with a buy-to-let mortgage, and multi-property insurance, which covers two or more properties.